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Cambridge IGCSE Economics practice

Paper 2 structured question: Price elasticity of supply (PES)

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Price elasticity of supply (PES)

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Paper 2Structured Questions2 marks

Businesses need to understand how supply reacts to price changes.

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Factors Affecting PES

Several factors influence the price elasticity of supply, including production time, availability of resources, and the nature of the product being supplied.

  1. a

    Explain two factors that affect the price elasticity of supply.

    Aim for approximately 2 distinct marking points.

    [2]

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Paper 2 structured question: Price elasticity of supply (PES)

Paper 2Structured Questions1 marks

Description

Price Elasticity of Supply

Price elasticity of supply (PES) measures how much the quantity supplied of a good changes when its price changes. A PES greater than 1 indicates elastic supply, while a PES less than 1 indicates inelastic supply.

  1. a

    State the meaning of price elasticity of supply.

    Aim for approximately 1 distinct marking point.

    [1]